Stop Price Gouging Act

Summary

Stop Price Gouging Act This bill amends the Internal Revenue Code to impose an excise tax on pharmaceutical companies that sell prescription drugs that are subject to price spikes that exceed the annual percentage increase in the medical care consumer price index detailed expenditure category for all urban consumers (U.S. city average). For each taxable prescription drug, the excise tax ranges from 50% to 100% of price spike revenue received by the company, depending on the size of the price spike and including an adjustment for revenue that is due solely to an increase in the cost of the inputs necessary to manufacture the drug. Pharmaceutical companies must submit specified data regarding drug prices and revenue to the Inspector General (IG) of the Department of Health and Human Services (HHS), and the IG must submit an assessment of the data to the Internal Revenue Service. HHS, upon the recommendation of the IG, may exempt certain drugs from the excise tax if: (1) a for-cause price increase exemption should apply, or (2) the drug has an average manufacturer price of not greater than $10 for a 30-day supply and is marketed by at least 3 other holders of applications approved under the Federal Food, Drug, and Cosmetic Act. The Government Accountability Office must examine: (1) how drug manufacturers and health plans establish initial launch prices for newly approved drugs, and (2) alternative methods that have been proposed for setting the price of new drugs.

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Timeline

1. 15 June 2017

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 15 June 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 15 June 2017 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 June 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 June 2017

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 15 June 2017

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Sen. Gillibrand, Kirsten E. [D-NY] · D · Sponsor
• Sen. Franken, Al [D-MN] · D · Sponsor
• Sen. Reed, Jack [D-RI] · D · Sponsor
• Sen. Hassan, Margaret Wood [D-NH] · D · Sponsor
• Sen. Udall, Tom [D-NM] · D · Sponsor
• Sen. Durbin, Richard J. [D-IL] · D · Cosponsor
• Sen. Sanders, Bernard [I-VT] · I · Cosponsor
• Sen. Blumenthal, Richard [D-CT] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Stop Price Gouging Act
• related to ← Stop Price Gouging Act